TOKYO -- Asian markets got off to a robust start for the week, thanks to the 6.4% bounce in the
Friday, when U.S. employment data suggested that the
U.S. Federal Reserve
could hold off from further rate hikes earlier than expected.
index jumped 401.73 points, or 2.4%, to 17,201.79, while the
index, which includes all shares listed on the
Tokyo Stock Exchange's
first section, gained 38.99, or 2.5%, to 1595.44. The
small-cap index soared 4.06, or 4.6%, to 91.85, while the Nikkei
index inched 54.30 higher, or 3.1%, to 1816.45.
With major brokerage dealers speculating that investor confidence is creeping back into the U.S. stock market, buying spread into most major electronic, telecom and Internet shares in Japan.
climbed 830 yen, or 8.1%, to 11,120,
gained 3000, or 6.8%, to 47,000,
rose 160,000, or 5.6%, to 3.04 million, while
bounced 140, or 4.4%, to 3300.
But portfolio managers who are flush with cash weren't too active today, so some traders argued it was too soon to say the Nikkei 225 index was now on its way above its key psychological resistance level of 20,000.
was also buoyant, up 2000, or 11.1%, to 19,950 following a report that the Internet conglomerate finally cut a deal with the Japanese government to buy out the nationalized
Nippon Credit Bank
. The firm missed its deadline last week to buy NCB when final negotiations stalled, but the
Nihon Keizai Shimbun
reported Saturday that the firm had sealed the deal.
Benign U.S. jobs data also helped shares across the board in Hong Kong, with the
index jumping 577.58, or 3.8%, to 15,861.68. Financial shares rose on hopes that interest rates will not rise much further, while tech shares soared on Nasdaq's gains. Rates in Hong Kong closely follow those in the U.S., because Hong Kong's currency is pegged to the U.S. dollar.
rose HK$3.75, or 6.1%, to 65.75,
climbed 0.50, or 8.6%, to 6.35, while
gained 2.75, or 3.2%, to 89.75.
Earlier gains in
, up 0.50 to 78.00, were erased by the end of the day, but traders say shares will rise further as the market tries to narrow the gap between the price in Cheung Kong and its affiliate
, up 1.50, or 1.6%, to 96.25. Both shares also rose on talk that
China Southern Airlines
was currently trying to get the Li family, which controls Cheung Kong and nearly half of Hutchison, to take a stake in the airline.
index climbed 33.52, or 4.4%, to 794.21, while Taiwan's
index rose 22.57 to 8958.21.